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When to Get a New Car vs Repair Your Car

Have you ever been in a dilemma whether to have your car repaired or to buy another car? It doesn’t mean that you are to buy a brand new car but get a different car.

Issues to consider

  • Mechanical Issues
  • Transmission
  • Tires
  • Break
  • Starter

  • Looks problems
  • AC
  • Doors
  • Bumper

If you are having mechanical issues, you probably would have to fix that one first. This is because it would be difficult to sell a car without a running transmission.

On the other hand, if the issue is about the looks, this is where you have to weigh things. Let’s take a look at this scenario.

When everything is working fine, the car’s value is $4,000.
You are thinking of selling it.
Then, suddenly, you hit a deer and you damaged your bumper, doors, etc.
The first option, spend $1,500 to have it repaired because insurance won’t cover it.
Another option would be to sell the car with the issues at $3,000.

If you do the math, you could sell the car for $3,000 damaged or get it repaired for $1,500 and it would still be only worth $4,000. Now, you’ve spent an extra $500 to repair the car.

The smart approach would be to sell the car at $3,000 without having the issues resolved and put that money towards a better car.